Gary Gensler Submits Court Opinion Asserting CFTC Lacks Authority to Regulate Sports Prediction Markets

Odaily Odaily, former CFTC and SEC Chairman Gary Gensler has filed an amicus brief with the Court of Appeals, arguing that federal law does not grant his former agency, the CFTC, the authority to regulate sports-related prediction markets. Several other entities have also submitted similar amicus briefs, stating that sports-related prediction markets violate state and tribal regulatory provisions. Courts across the United States are currently hearing cases on whether sports-related prediction markets should be regulated at the state or federal level, with related rulings impacting tax collection and other regulatory matters. (CoinDesk)